Wave Analysis
Few days ago, US Dollar continued to rally to the upper side but is currently approaching a key resistance trendline. We’re expecting the bounce from the upper trendline to have marked an end to both the corrective three wave cycle and also the impulsive wave 5, that any clear rally to the lowerside will be the unfolding of another impulsive wave to the lowerside and should break below 104.75 or even lower. This view will only be invalidated in case the price breaks above the upper trendline, if this is true, then further momentum to the upperside is expected.
Trade Recommendations:
Wait for a low risk sell order towards 104.20.
Origin: FreshForex
